The Small and Medium Enterprises Development Corporation (SMEDCO) was formed in 1983 through an Act of Parliament and is a parastatal which falls under the Ministry of Small and Medium Enterprises and Co-operative Development. The organization began operations in April 1984. The institution changed its name from Small Enterprises Development Corporation (SEDCO) to Small and Medium Enterprises Development Corporation (SMEDCO) following amendments to the SME Act in February 2014. SMEDCO is a development finance institution which primarily exists to promote the development of micro, small and medium enterprises, and cooperatives in the country, through lending and capacity building.